Good Morning! Looks like the economy is heating up heading into the 2nd half of 2023. The GDP surprised economists when it grew 2% in Q1 2023, up from 1.3%. And jobless claims dropped the most since 2021.

Goldman Sachs lost its top M&A ranking for the first time in five years, with JPMorgan taking the top spot in global deal league tables. And Wall Street dealmakers are in a $1 trillion deal drought. Deal volumes are at $1.3 trillion so far this year, down from $2.2 trillion in the first half of 2022.

Virgin Galactic's first commercial spaceflight was a success, and Snapchat+ has a record 4 million users paying for its subscription model.

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_{SQUEEZ OF THE DAY}

Big Tech's Secret Scramble

Since 2022 Big Tech has dealt with layoffs, pay stagnation, and generally less demand for skills. It turns out laid-off tech bros are scrambling to reinvent themselves as AI experts.

It’s a strange time to be a software engineer for sure - companies are pivoting towards AI-powered operations, and traditional coding jobs are going out of style.

The next big thing in the tech industry is AI, and traditional computer science majors that went the coding route are struggling to reinvent themselves. Some are picking up AI certifications left and right, while current college students are readjusting and picking up courses in AI and machine learning.

Takeaway: The types of computer science jobs in demand are constantly evolving, and the latest AI revelations aren’t anything new. Right now, there are more AI job openings than there are experts, so expect more computer science students to pivot towards an AI concentration.

_{CAPITAL PULSE}

Markets Rundown

Stocks closed higher on positive GDP data.

Movers & Shakers

• (+) Freyr ($FREY) +20% after the battery stock was upgraded by Morgan Stanley.

• (+) Joby ($JOBY) +11% after the air taxi was approved by the FAA.

• (–) Micron ($MY) -4% after the chipmaker fell over supply chain worries.

Private Dealmaking

• Visa bought Pimso, a payments startup, for $1 billion

• Author Health, a mental health startup, raised $115 million

• Celestial AI, a photonic fabric startup, raised $100 million

• Fly.io, an app delivery network, raised $70 million

• Cart.com, a provider of e-commerce enablement solutions, raised $60 million

• Nuvocargo, a freight services provider, raised $36.5 million

_{SPONSORED BY BUENA FE}

Investing in Tequila Isn’t Just For Celebrities

Unless you've been living under a rock for the last two years, it certainly seems as if every celebrity has their own tequila company. Tequila has been on an unstoppable rise in popularity, and the excitement just keeps on flowing.

But that's not all. The other cool kid on the block is spirit-based ready-to-drink (RTD) products. Remember the splash White Claw and Truly made? Well, now folks are getting savvy and swapping these beer-cousins for higher quality spirit-based drinks.

So, here's where Buena Fé comes in, riding this wave with its organic, tequila-based RTDs. But get this - they're not playing around with any second-rate mixto tequila. No sir, Buena Fé's all about the real deal - 100% agave tequila.

These guys hit the scene in 2022 and have already made a splash in 12 states, scoring deals with major chains like Albertsons and Total Wine. Their impressive leadership team includes the former President of Mike's Hard Lemonade.

Buena Fé is inviting you to join the party and be a part of their growth and expansion. They're raising capital through crowdfunding, so you can become a proud owner of a tequila company*, and receive some excellent perks (including their I’m not a celebrity but I do own a Tequila company tee).

Unleash your inner celebrity and own a tequila company today.

_HEADLINE

Top Reads

• Global M&A plummets in 2023 (Axios)

• Eli Lilly gorges on obesity options (Reuters)

• The US economy is a lot stronger than Wall Street thought (YF)

• Oracle spending billions on AI chips this year (Reuters)

• Crypto startups forging ahead despite a turbulent market (TC)

• Powell’s long reach arrives in cereal aisles (YF)

• Banks aced the stress test, now they need to raise more capital (BB)

• The ad industry is going all-in on AI (Vox)

• Nasdaq finds new way to confound both bulls and bears (YF)

• Private equity faces a talent crush (II)

• The typical Citadel intern is making $19,200 a month (Fortune)

_{BOOK OF THE DAY}

The Five Forces That Change Everything

The Five Forces reveals how technology is unleashing forces that will forever alter our lives, politics, and society. Learn more about nanotechnology, transhumanism, the future of space exploration and colonization, super human computers, and so much more.

The book takes you on a journey to see what the most brilliant minds of our age are dreaming up. Hoffman reveals how new scientific breakthroughs and business ventures are poised to reshape our lives and turn science fiction into fact.

With scientists in Japan creating humanoid robots, Silicon Valley biohackers boosting their IQs, and Chinese labs developing human-monkey chimeras, Hoffman gives an inside look at the limits of what’s possible today and the impact these developments will have.

“A compelling vision of our forceful futures.”

_{ENLIGHTENMENT}

Short Squeez Picks

• How to fight back and succeed against your career-limiting mindset

• The best number to calculate if you want to be rich

• 15 practical solutions to refocus the wandering mind

• Crafting to-do lists that spark productivity and joy

• 3 reasons it can be smarter to rent

_{DAILY VISUAL}

Deal Pain

Change in investment banking revenue from 2021 to 2022

_{DAILY ACUMEN}

Persuasion Paradox

“Have you noticed that the most argumentative people rarely persuade anyone?

The most persuasive people don’t argue—they observe, listen, and ask questions.

Argue less, persuade more.

Persuasion is an art that requires a paintbrush, not a sledgehammer.”

Source: Sahil Bloom

_{MEME-A-PALOOZA}

MEMES OF THE DAY